Avient (AVNT) FY2014 results: revenue $3.8 billion, up 1.7% on the year
Avient Corp. (AVNT) reported revenue of $3.8 billion for fiscal 2014, the year ended 31 December 2014, up 1.7% on the year before. Net income was $79 million, down 67.5%, and diluted earnings per share $0.85. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$3.8 billion
+1.7% on the year
FY2009FY2014
Operating margin
4.0%
6.1% a year earlier
FY2009FY2014
Net income
$79 million
-67.5% on the year
FY2009FY2014
Diluted EPS
$0.85
-66.4% on the year
FY2009FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
3,836
3,771
2,861
+1.7%
Cost of revenue
3,128
3,109
2,330
+0.6%
Gross profit
708
662
531
+6.9%
Gross margin
18.5%
17.6%
18.6%
Research and development
53.4
52.6
41.3
+1.5%
Selling, general and administrative
553
458
417
+20.8%
Operating income
155
232
138
-33.0%
Operating margin
4.0%
6.1%
4.8%
Interest expense
62.2
63.5
50.8
-2.0%
Pre-tax income
88.4
151
83.3
-41.5%
Income tax
11.2
58.1
30.1
-80.7%
Effective tax rate
12.7%
38.5%
36.1%
Net income
79.2
244
71.9
-67.5%
Net margin
2.1%
6.5%
2.5%
Diluted EPS
$0.85
$2.53
$0.80
-66.4%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
208
109
107
+91.2%
Capital expenditure
92.8
76.4
57.4
+21.5%
Free cash flow
116
32.6
49.5
+254.6%
Free cash flow margin
3.0%
0.9%
1.7%
Cash from investing
-112
-60.1
-72.3
Cash from financing
-218
105
-17.5
Depreciation and amortisation
124
110
69.8
+12.8%
Share-based compensation
14.2
16.5
10.4
-13.9%
Buybacks
233
132
15.9
+77.2%
Dividends paid
29.9
21.5
16.9
+39.1%
Dividend per share
$0.34
$0.26
$0.20
+30.8%
Diluted shares, weighted
94m
96m
90m
-3.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
776
977
629
-20.5%
Non-controlling interest
0.9
1.7
2.3
-47.1%
Debt
1,011
989
707
+2.2%
Other liabilities
878
929
790
-5.5%
Total liabilities and equity
2,666
2,897
2,128
-8.0%
Fixed assets
597
646
386
-7.7%
Goodwill
591
559
406
+5.7%
Intangible assets
363
366
340
-0.8%
Cash and equivalents
239
365
210
-34.7%
Receivables
397
428
314
-7.3%
Inventory
309
342
244
-9.8%
Other assets
172
190
228
-9.5%
Total assets
2,666
2,897
2,128
-8.0%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.